ATLANTA—Cousins Properties' board of directors declared a cash dividend of $.06 per common share for the second quarter of 2017. The second quarter dividend will be payable July 13, 2017, to common shareholders of record on July 3, 2017. The $.06 per share quarterly common dividend equates to $.24 per share on an annualized basis.

ATLANTA—CoreLogic's latest home equity analysis which shows US homeowners with mortgages (roughly 63% of all homeowners) have seen their equity increase by a total of $766.4 billion since the first quarter of 2016, an increase of 11.2%. Additionally, the average homeowner gained about $13,400 in equity between Q1 2016 and Q1 2017. “One million borrowers achieved positive equity over the last year, which means mortgage risk continues to steadily decline as a result of increasing home prices,” says Dr. Frank Nothaft, chief economist for CoreLogic. “Pockets of concern remain with markets such as Miami, Las Vegas and Chicago, which are the top three for negative equity among large metros, with each recording a negative equity share at least twice or more the national average.”

DEAL TRACKER

LAWRENCEVILLE, GA—American Healthcare Investors and Griffin Capital Company, the co-sponsors of Griffin-American Healthcare REIT IV, acquired Lawrenceville Medical Office Building in the Atlanta suburb of Lawrenceville. Built in 2005, the approximately 31,000-square-foot Lawrenceville Medical Office Building is currently 100% absolute net leased to Gwinnett Cardiology Services through May 2023 with 3% annual rent escalators and four five-year renewal options.

NASHVILLE—AEG acquire a Nashville site to develop a mixed-use Entertainment District. AEG's planned mixed-use entertainment district will be anchored by a 4,000-capacity music venue, a flagship Regal Cinemas luxury theatre complex, a 600-700-capacity live entertainment club, an approximately 240-room boutique hotel, and a variety of other entertainment and food and beverage offerings. The AEG-developed entertainment district will initially break-ground on four acres to be located at 10th Avenue between Commerce Street and Church Street. The SWVP and AEG agreement also provides an option for AEG to acquire an additional, adjacent 1.5-acre parcel for further mixed-used development, including creative office, residential, hotel and retail.

ATLANTA—The American Cancer Society Building has traded hands. The sale price: $166 million. Cousins Properties sold the 995,728-square-foot building, which is located in Downtown Atlanta. Carter Validus acquired the office asset. Stewart Calhoun, David Meline, Samir Idris, and Andy Johns of Cushman & Wakefield represented the seller in the transaction. Led by Mike Ryan and Brian Linnihan, the firm Equity, Debt & Structure Financing group arranged acquisition financing.

BIRMINGHAM—Pearce & Associates is offering for sale in an online auction 18 properties owned by Alabama Power. Most of the properties are in Jefferson County. One is located on US 280 in Shelby County. Several the properties are in the City of Birmingham, including a parcel adjacent to George Ward Park on Birmingham's Southside. The auction includes various types of properties in Jefferson and Shelby counties that have never been offered to the public. Bidding starts at $1 on each parcel, said Chip Pearce, president of Pearce & Associates. Most parcels are selling with no reserve. All substation facilities, transformers and other utility equipment have been removed from the properties.

BUILDING BLOCKS

ATLANTA—The official ground breaking for a 1 million square foot state-of-the-art industrial building has taken place in the Atlanta suburb of Locust Grove with Clayco, CRG and John Hancock Real Estate, owner of the property, present for the ceremony. The building will be available for occupancy in early 2018. “Atlanta's thriving business culture makes it a key component of our real estate acquisition and development strategy,” says Kevin Adolphe, president and CEO of John Hancock Real Estate. “We believe the prime location of this new industrial development along with the expertise of our partner, CRG, will give tenants the ideal platform for success.”

Early this week in the Southeast Georgia once again dominated headlines in markets large and small. But Nashville is seeing a huge mixed-use development get underway even as a significant auction gets ready to kick off in Alabama.

BY THE NUMBERS

Healthy demand for retail properties in Atlanta placed upward pressure on prices during the previous 12 months. Metrowide, the average price climbed 7% to $300 per square foot. (Source: Marcus & Millichap)

NEWS & NOTABLES

ATLANTA—Cousins Properties' board of directors declared a cash dividend of $.06 per common share for the second quarter of 2017. The second quarter dividend will be payable July 13, 2017, to common shareholders of record on July 3, 2017. The $.06 per share quarterly common dividend equates to $.24 per share on an annualized basis.

ATLANTA—CoreLogic's latest home equity analysis which shows US homeowners with mortgages (roughly 63% of all homeowners) have seen their equity increase by a total of $766.4 billion since the first quarter of 2016, an increase of 11.2%. Additionally, the average homeowner gained about $13,400 in equity between Q1 2016 and Q1 2017. “One million borrowers achieved positive equity over the last year, which means mortgage risk continues to steadily decline as a result of increasing home prices,” says Dr. Frank Nothaft, chief economist for CoreLogic. “Pockets of concern remain with markets such as Miami, Las Vegas and Chicago, which are the top three for negative equity among large metros, with each recording a negative equity share at least twice or more the national average.”

DEAL TRACKER

LAWRENCEVILLE, GA—American Healthcare Investors and Griffin Capital Company, the co-sponsors of Griffin-American Healthcare REIT IV, acquired Lawrenceville Medical Office Building in the Atlanta suburb of Lawrenceville. Built in 2005, the approximately 31,000-square-foot Lawrenceville Medical Office Building is currently 100% absolute net leased to Gwinnett Cardiology Services through May 2023 with 3% annual rent escalators and four five-year renewal options.

NASHVILLE—AEG acquire a Nashville site to develop a mixed-use Entertainment District. AEG's planned mixed-use entertainment district will be anchored by a 4,000-capacity music venue, a flagship Regal Cinemas luxury theatre complex, a 600-700-capacity live entertainment club, an approximately 240-room boutique hotel, and a variety of other entertainment and food and beverage offerings. The AEG-developed entertainment district will initially break-ground on four acres to be located at 10th Avenue between Commerce Street and Church Street. The SWVP and AEG agreement also provides an option for AEG to acquire an additional, adjacent 1.5-acre parcel for further mixed-used development, including creative office, residential, hotel and retail.

ATLANTA—The American Cancer Society Building has traded hands. The sale price: $166 million. Cousins Properties sold the 995,728-square-foot building, which is located in Downtown Atlanta. Carter Validus acquired the office asset. Stewart Calhoun, David Meline, Samir Idris, and Andy Johns of Cushman & Wakefield represented the seller in the transaction. Led by Mike Ryan and Brian Linnihan, the firm Equity, Debt & Structure Financing group arranged acquisition financing.

BIRMINGHAM—Pearce & Associates is offering for sale in an online auction 18 properties owned by Alabama Power. Most of the properties are in Jefferson County. One is located on US 280 in Shelby County. Several the properties are in the City of Birmingham, including a parcel adjacent to George Ward Park on Birmingham's Southside. The auction includes various types of properties in Jefferson and Shelby counties that have never been offered to the public. Bidding starts at $1 on each parcel, said Chip Pearce, president of Pearce & Associates. Most parcels are selling with no reserve. All substation facilities, transformers and other utility equipment have been removed from the properties.

BUILDING BLOCKS

ATLANTA—The official ground breaking for a 1 million square foot state-of-the-art industrial building has taken place in the Atlanta suburb of Locust Grove with Clayco, CRG and John Hancock Real Estate, owner of the property, present for the ceremony. The building will be available for occupancy in early 2018. “Atlanta's thriving business culture makes it a key component of our real estate acquisition and development strategy,” says Kevin Adolphe, president and CEO of John Hancock Real Estate. “We believe the prime location of this new industrial development along with the expertise of our partner, CRG, will give tenants the ideal platform for success.”